Çöpler District (Initial Assessment MI Case) PEA: $1.87B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (Initial Assessment MI Case) in Erzincan Province, Turkey has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $1.87B and initial capital of $218M. The mine plan runs 22 years at about 297 kozpa Au per year.
SSR Mining Inc.'s Çöpler District (Initial Assessment MI Case) has reported Preliminary Economic Assessment (PEA) results for the gold project in Erzincan Province, Turkey. The study headlines an after-tax net present value of $1.87B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.87B using a 5% discount rate. Initial capital expenditure is estimated at $218M. All-in sustaining costs are pegged at 921 USD/oz gold. Economics are based on Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 22 years. Average annual production is approximately 297 kozpa Au. Average head grade is Oxide heap leach 1.28 g/t Au; Sulfide 2.32 g/t Au; Cu concentrator 0.48 g/t Au, 0.21% Cu.
Resources and ownership. The company holds a 80% interest in the project.
These figures are extracted from SSR Mining Inc.'s technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Our Analysis
- NPV after-tax
- $1.87B
higher than 85% of 172 projects we track
- Initial capex
- $218M
12% of NPV
costlier than 55% of 162 projects we track
- Mine life
- 22yrs
- Study price assumption
- Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper
- Spot gold today
- $4,188.80/oz
Against the 172 gold projects we track, this one's after-tax NPV of $1.87B ranks above 85% of them. That is a genuinely strong position, but it is a ranking on paper, not a verdict on the equity. The number that should anchor an investor's thinking is the build cost: $218M, roughly 12% of NPV and small next to the company's US$7.28B market cap. For a mid-cap with 47 projects in our coverage, a development asset this cheap to construct is a funding profile most developers would envy. The capital risk here is not whether the money can be raised; it is whether a diversified company gives a single gold mine the attention it needs.
The caveat is the study itself. This is a PEA, scoping-level work that may lean on inferred resources and carries a capital estimate typically accurate only to plus or minus 50%. A 22-year mine life and a modest headline capex are encouraging, but neither has been through feasibility. The $1.87B NPV and the capital figure behind it should be read as directional, not bankable, and the gap between a PEA and a construction decision is where most of the risk in this project actually lives.
Then there is the price deck. The study assumes $1,600/oz gold; spot is $4,188.80/oz. That gap means the published economics were built on a metal price far below today's market, which cuts both ways: it suggests the study was not flattered by an aggressive assumption, but it also means the headline NPV tells you little about what the asset is worth at current prices, and nothing about whether those prices hold. Erzincan Province adds a jurisdiction question that no NPV captures. The single question that decides this: can a scoping-level study on a diversified company's 47th-priority asset survive the permitting and feasibility grind to become a mine?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.